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US solar company SunPower purchases Tenesol for $165m

1 Feb 2012

US solar company SunPower has completed the acquisition of Tenesol, a subsidiary of French energy company Total, for $165.4m.

In addition, Total purchased 18.6 million shares of SunPower stock in a private placement, with a valuation of $8.80 a share. Total now owns around 66 per cent of SunPower common stock.

Tom Werner, president and CEO of SunPowet, said, ‘SunPower is well positioned to gain share during the current market transition with the addition of Tenesol’s established European and global customer channels and strong manufacturing base in Europe and Africa. Tenesol’s well-established engineering and sales channels and strong team will complement SunPower’s world-leading high efficiency, high reliability solar panels and systems global footprint.’

Arnaud Chaperon, senior vice president of Total Gas and Power, added, ‘With SunPower’s industry-leading technology, attractive long-term cost roadmap, our joint collaboration on research and development and Tenesol’s established downstream presence, the combined company is well positioned to open new, largely untapped markets for solar.’

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